Transcript
Mike Baker (0:12)
It's Thursday, the 3rd of April. Welcome to the President's Daily Brief. I'm Mike Baker, your eyes and ears on the world stage and still on the road, although I am giving you a clue as to where I might be today. All right, let's get briefed. We'll start things off today with the big news from Liberation Day. President Trump has announced sweeping tariffs on imports from multiple countries, aiming to bolster American manufacturing and address trade imbalances. We'll break down which goods are affected, the potential economic impact and how international partners are responding. Not well. Henceforth, of course, every second of April shall be known as Liberation Day. I'm not sure if it's going to be an official government holiday or not at the least. Hopefully there'll be some cool Liberation Day traditions that we can start. Maybe picnicking parades, keg stands. I tell you what, send me A note to pdbthe first tv.com with how you think the new holiday should be celebrated. And later in the show, the latest on the US Campaign against the Houthis, with reports indicating that the sustained air assault has decimated the terror group's missile launching capabilities. Plus, a growing scandal inside the Israeli government as two aides to Israeli Prime Minister Netanyahu are accused of accepting money to push favorable narratives about Qatar as a key mediator in hostage negotiations with Hamas. And in today's back of the brief, the saga of New York Mayor Eric Adams corruption indictment has come to an end. A federal judge just tossed out the case and made sure that it can't come back. But first, today's PDB Spotlight. We'll start today with the escalating global trade war. President Trump unveiled his long anticipated Liberation Day tariffs during a speech on Wednesday afternoon, sending stock futures plunging as economists warn the financial countermeasures could dramatically raise prices for consumers. Trump began by announcing a 25% tariff on all foreign made automobiles which took effect at midnight to address what he called the horrendous imbalances that have undercut domestic vehicle manufacturers. He followed that by announcing a baseline tariff of 10% on virtually all goods coming into the US with the exception of products covered by the current North American Free Trade Treaty that's known as the United States Mexico Canada Agreement. The new baseline tariff, which represents an unprecedented shift in America's long standing global trade practices, will be implemented at midnight on Saturday. Additionally, Trump said he'll hit some 60 countries deemed by the administration as the worst trade offenders with what he described as, quote, discounted reciprocal tariffs on a case by case basis, countries will be charged a tariff at half the rate they charge the U.S. those tariffs are set to take effect at midnight on April 9. The laundry list of impacted nations is frankly too long to rattle off, but includes a 34% tariff on China, a 20% tariff on the European Union, a 46% tariff on Vietnam, and a 32% tariff on Taiwan. It's worth noting that certain goods will be exempt from the reciprocal tariffs, at least for now, including gold, copper, pharmaceuticals, semiconductors, and lumber. During the press conference, President Trump called it one of the most important days in American history and a, quote, declaration of economic independence. The president vowed to use revenue generated from his new tariff regime to reduce taxes and pay down the national debt, while claiming the economic penalties on our trading partners will revive manufacturing in the US Creating jobs and lowering prices for consumers over the long term. Trump stressed that he doesn't feel ill will towards the nations targeted by his tariffs. I'm sure that makes them feel better, saying he understood why foreign governments charged the US Such high rates. Instead, he placed the blame on past presidents and lawmakers for allowing the US to be taken advantage of financially for decades. Trump stated, quote, today we're standing up for the American worker and we're finally putting America first. Shortly after his speech, Trump declared a national economic emergency and signed an executive order granting himself broad powers to implement the tariffs. The new levies are expected to trigger widespread economic retaliatory measures from most of the impacted nations. The eu, for example, plans to announce duties later this month of up to 50% on some $28 billion worth of US goods, including American beef, poultry, bourbon, bourbon, motorcycles, peanut butter and jeans. You know things are getting out of hand when you start putting tariffs on bourbon. Officials with the EU said Wednesday they plan to announce additional measures soon, including on the American automobile industry, though they have not yet detailed their strategy. China, America's third largest trading partner, said earlier this week that they're working to coordinate their response with Japan and South Korea, though details of their plans are also not yet clear. But economists expect the Chinese response to be significant, as the new 34% reciprocal tariff adds to previous duties imposed earlier this year, raising the total baseline rate on Chinese imports to 54%. But Treasury Secretary Scott Bessant cautioned foreign countries to take a beat before they respond, saying in an interview with cnn, doing anything rash would be unwise. He added, quote, sit back, take a deep breath, don't immediately retaliate. Let's see where this goes, end quote. Suggesting, of course, that maybe there's room to renegotiate current trade deals. Trump framed his new tariff regime as a necessary correction to what he describes as long standing trade imbalances. The goal, Trump argues, is to level the playing field and incentivize companies to manufacture in the U.S. but economists warn that such an aggressive and confrontational approach to foreign trade could have devastating financial consequences for the US And US Allies and risks sending global economies spiraling into a recession. Ever since Trump began his tariff campaign by hitting Canada, Mexico and China with limited trade taxes earlier this year, markets have been on edge. They were further rattled when President Trump imposed a 25% tariff on steel and aluminum from all US trading partners back on March 12. JP Morgan's chief economist recently revised their economic forecast, warning that there's now a 40% chance of a US recession occurring sometime this year. All right, coming up next, new reports suggest US Airstrikes have crippled the Houthis missile arsenal. And fresh accusations hit Netanyahu's inner circle in a growing scandal over pro Qatari influence. I'll be right back. Hey, Mike Baker here. Well, take a look around. Let's take a peek at the economy, shall we? What do you see? Well, we see tariff wars, recession fears, and unfortunately, some stubborn inflation sticking around. It's no wonder that gold has been routinely hitting all time highs and in volatile markets as well, like the one we have right now. Don't just sit on the sidelines with your head in the sand pretending everything's okay. Take control and safeguard your savings. That's why so many Americans today are turning to Birch Gold Group. Now, they've helped tens of thousands convert an existing IRA or a 401k into an IRA in physical gold. So you ask yourself, is it time for you to hedge against inflation and economic instability with gold? To learn how to own physical gold in a tax sheltered account, just text PDB to the number 989-898. 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